CNBC Business News Update Market Open: Stocks Higher, Microsoft Up 9% On Strong Quarterly Results, Jobless Claims Pop 5/1/25
May 1, 2025
U.S. stock markets are up, fueled by impressive earnings from Microsoft and Meta. However, rising jobless claims raise concerns about the labor market. The podcast also discusses the surge in consumer spending and the impact on major companies like Tesla and General Motors. Additionally, it examines challenges in the travel and automotive sectors, including tariffs affecting vehicle prices and the decline in international travel, prompting airlines to adapt their strategies.
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Market Rises on Tech Earnings
- Strong quarterly results from Microsoft and Meta boosted Wall Street early May trading.
- Microsoft shares rose significantly, lifting the Dow and Nasdaq higher in early trading.
Jobless Claims Surge Indicates Labor Challenges
- Jobless claims surged unexpectedly, signaling labor market softness.
- This rise indicates increasing difficulty for people finding new jobs, with claims at the highest since November 2021.
Fast Food Sales Show Consumer Caution
- McDonald's saw the biggest same-store sales drop in five years, indicating consumer spending caution.
- Fast food chains like Shake Shack also reported weaker sales despite promotional efforts.